Senesco Technologies, Inc. (“Senesco” or the “Company”) (OTCQB:SNTI) announced today that it has entered into a securities purchase agreement with certain investors to raise $1.725 million in gross proceeds through the sale of 69,000,000 shares of its common stock. The common stock was priced at $0.025 per share.
The offering is expected to close on or about October 2, 2013, subject to customary closing conditions. The net proceeds of the financing will be used primarily for working capital, research and development and general corporate purposes.
“We are very pleased to have enhanced our financial resources,” said Leslie J. Browne, Ph.D., President and CEO of Senesco. “This infusion of funds will enable the advancement of SNS01-T in the on-going B-cell cancer study in patients with multiple myeloma, mantle cell lymphoma and diffuse large cell lymphoma.”
The shares are being offered pursuant to a prospectus forming a part of the Company’s effective registration statement (File No. 333-189998) filed with the Securities and Exchange Commission (the “SEC”), which was declared effective by the SEC on September 30, 2013, a copy of which may be obtained, when available, at the SEC’s website at http://www.sec.gov.This press release does not and shall not constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction. Additional terms of this offering (including the full terms and conditions of the securities purchase agreement) were disclosed on a Form 8-K filed with the SEC by Senesco simultaneously with this press release and will also be disclosed in the prospectus filed with the SEC in connection with this offering.